just read the @RektCoin RektPaper and am feeling uber bullish on how they're thinking about value accrual. everyone's focused on bringing tangible assets onchain (traditional RWAs), but not many people have a strong thesis around bringing intangible assets onchain (why is Story pumping? must be crime.) I highly recommend giving it a read, the section on Liquid Brand Equity alone is worth the time. (h/t @SternMoi for sending this my way)

Tangentially related: I've recently learned that like 99.9% of TradFi has no idea of the differences between Solana and Ethereum and just views Ethereum as a bet on DeFi.

Base: We're leveraging ETH that we've accrued through sequencer fees to create shareholder value for COIN investors. *crowd goes ballistic* Pump: We're raising $1bil in an ICO to continue scaling our company. *crowd murders Alon in the streets*

Those of you trying to value $ETH w fundamentals and justify this PA rn w crypto native baggage are underestimating the magic you felt when Ethereum and smart contract platforms first clicked for you. Wall street hedge funds never truly had to rationalize crypto as an asset class. The 2020/2021 run happened in a flash and it was a fun distraction, now they have to actually do some work. Their talking points around $ETH are elementary because they are literally figuring out wtf it is now. Seeing these CNBC clips actually just reminds me of when I first read the ethereum whitepaper and watched some vitalik interviews and decided $ETH was digital oil / programmable money / the internet of finance. We’re all too jaded and cynical at this point to remember it, but do not fade that beautiful feeling of discovering groundbreaking blockchain tech for the first time. It’s happening right now for the richest institutions in the world. The last thing they’re thinking about is cash flows.

the thing is that ETH is actually just whatever its market cap says it is. money? sovereign store of value? intergalactic programmable digital diamond? sure, just pump the price there.

ngl the interns had me worried about my job this summer, some of the brightest kids I've ever met, give this one a read, tons of alpha!

it's easy to get trapped into thinking you're late to an eco when your "For you" page is populated with people who are also early bullposting the eco. you're not late to Abstract, it's just now beginning to heat up, you can either bridge now or in 3 months when it feels safe.

Ohhhh yeah I knew I’d seen that chart before somewhere

Most people I talk to think I’m crazy for having a long term bull thesis on the creators of the world’s most addicting game.

The sooner you grok Pump’s actual product offering the sooner you’re able to build a long term thesis